A Las Vegas short sale agent is your personal negotiator, working on your behalf only, to market your property, procure an offer, convince the bank to allow the sale of your property for less than the amount owed, and help get you a “Cash for Keys” bonus.
60% of home owners who go into foreclosure NEVER CONSULT A SINGLE PERSON.
LAS VEGAS SHORT SALE AGENT TO THE RESCUE!
- There are NO FEES to you to help you:
- Market and procure an offer on your property;
- Avoid foreclosure;
- Get a relocation incentive at close of escrow (“Cash for Keys”);
- Get out from under the balance of your mortgage (Avoid paying the deficiency);
- Save your credit rating; and
- Buy another house!
“Together we can do great things.” -Tania Michaels, Las Vegas Short Sale Agent.
The thought of letting your home go to a foreclosure sale can be overwhelming. It seems like there are more questions than answers about what to do. A certified Las Vegas short sale agent with a CDPE® Designation has the comprehensive education, resources, knowledge and networks you need to get you to the best options available.
A Las Vegas short sale agent is your negotiator who works on your behalf only to convince the bank to allow the sale of the property while at the same time working to get you the best possible terms. Negotiating a short sale with a bank it is not like a negotiating traditional real estate sale. A short sale agent (one who actually negotiates not just faxes in paperwork to the bank) knows how to skillfully maneuver inside a giant bank.
BANKS ARE ALSO DEBT COLLECTORS
BAD NEWS COMES IN SMALL ENVELOPES
When you stop making your mortgage payments, the bank becomes a debt collector. When a bank is not lending money, they are collecting money. When you stopped making your payments, did you notice this disclosure on nearly every document you receive from the bank?
THE DEBT COLLECTORS DISCLOSURE
When you stopped making your payments, did you notice this pre-recorded disclosure when you called the bank? “PLEASE BE ADVISED WE ARE A DEBT COLLECTOR AND ALL INFORMATION OBTAINED WILL BE USED FOR THAT PURPOSE.”
We want our money. We have the resources to do what it takes to get as much of it back as we can. (At the bank, they call this, “maximizing our return.”)
ADVOCATE, BANK LIASON or ATTORNEY? WHICH ONE DO YOU NEED?
Some agents really believe processing a short sale is only a matter of faxing the bank all of your personal financial information, and out of the goodness of the bank’s heart, they’ll let you off the hook. They act like a liason between you and the bank. You also have some attorneys trying to convince you the bank cares more about the law than money. (What do you think the chances are you’re going to win a lawsuit against a bank if they do something wrong?)
Nothing could be further from the truth.
If there’s anything a person considering short sale should always keep in the forefront of their mind it’s this: That bank executives are in banking to make money. That’s it. Banks are not a charity. They make profits lending money and collecting money. This is their whole livelihood. They are a master at the numbers. That being said, paying off as much of your debt to the bank as possible is in your best interest. The best person to help you do that is a real estate agent. They will help you market and procure the highest and best offer for your house and then convince the bank this is the best deal they can get. Your Las Vegas short sale agent is not only your REALTOR(r) but is also your advocate inside the bank.
LEGAL STICKER SHOCK
So “what about hiring an attorney to negotiate my short sale?” you ask. Nothing wrong with that, but hiring an attorney is not free. If they can’t get the your lender to pay for their fees (about $3,500), you are responsible to pay them. Can you afford a $3500 bill? I think you can get a better deal for the same service. That’s my first point.
My second point is: Why would you need an attorney? If you have a REAL hardship, you don’t need to much to convince the bank you can’t afford the payment. People who hire an attorney to process a short sale, usually don’t have serious hardships AND THE BANKS KNOW THIS. Otherwise, where would you get the money to hire a $3500 attorney? Did you hire a $3500 attorney because you have a hardship? Hiring a $3500 attorney could call your “hardship” into question.
Point No. 3: Many people imagine that an attorney has more weight with the bank than a Las Vegas short sale agent. This is simply false. I have taken over short sale files from attorneys who completely bungled the transaction by getting caught up in legal arguments and focusing on law instead of being a master of the numbers and selling real estate. Nearly every banking insider will tell you that hiring an attorney has a “freezing” effect on a negotiation inside a bank. It can move a short sale out of the business side of bank (where it should stay) and takes it into the legal side of the bank. What’s wrong with that? Well, which do you think the bank cares about more?: a.) The law; b.) Their money. Answer: For the bank, ITS ALWAYS ABOUT THE MONEY. If you are short selling your property, it is in your best interest to hire someone who will sell the property for the highest price to pay off as much of the debt you owe the bank as possible. If you can get to the right numbers with the bank, they’ll issue the right approval letter. That’s how a Las Vegas short sale agent can be extremely beneficial to you. They can help you get the highest price for your property and get to the right numbers with the bank in exchange for clemency on the deficiency judgement, plus a possible cash relocation bonus.
Point No. 4: Nearly every attorney working in the short sale market has the same internal structure. They have unlicensed assistants faxing in your paperwork to the bank. They are not sitting at a desk yelling at the bank and writing threatening letters. If they do, the bank transfers them to the legal department and there your file will sit and sit and sit. The unlicensed assistants are faxing in your paperwork to the same places a Las Vegas short sale agent does and then the attorney gets involved when the approval letter is issued and they have to review it. You can get this same service for a total price of $400 instead of $3500. You can hire a Las Vegas short sale agent FOR FREE and then when the letter comes in, you pay an attorney to review it for $400. If you have no confidence that your real estate agent can handle a short sale, then its probably best to find another agent or pay an attorney $3500 to process the short sale and review your approval letter.
Point No. 5: The attorney is going to try to first collect their $3500 from the bank. This fee adds more costs to the transaction and consequently, the bank makes less money. If the bank nets less money this can affect the amount you owe the bank, and, if the bank can, they will try to collect this money from you. A real estate commission, on the other hand, is a fee the banks EXPECT to pay in every short sale. A $3,500 legal bill is not. A transaction loaded with fees is less desirable to the bank who is trying to collect as much money as possible. If the bank rejects the large legal bill, you will have to pay it since you signed a contract with the attorney for that service.
THE MOST PRACTICAL AND AFFORDABLE SOLUTION:
A LAS VEGAS SHORT SALE AGENT
Why pay thousands of dollars to an attorney when you can obtain free short sale services from a Las Vegas short sale agent? Why wonder if you’ll be on the hook for attorneys fees at end of the day? Hire a Las Vegas short sale agent who specializes in hands-on short sales negotiations.
UNDERSTANDING YOUR OPTIONS
|Modification||Receive modified terms of your mortgage to make it more affordable or manageable after
successfully making the reduced payment during a “trial period” (i.e., completing a three [or four] month trial period plan).
|Permanently modifies your mortgage with lower payments that are more manageable as a permanent solution to a long-term or permanent hardship. Despite a lower payment, most people who enter into a loan modification agreement END UP IN MORE DEBT THAN THEY WERE BEFORE THE MODIFICATION.||No.|
|Short Sale||Sell your property to pay off a portion of your mortgage balance. The balance of the mortgage is usually forgiven and the lender takes it as a loss.||Allows you to transition out of your house with fewer negative consequences than a foreclosure.||Usually not, but is always a possibility.|
|Deed in Lieu||Transfer the ownership of your property to your lender. Has the same negative impact on your credit as a foreclosure.||This option is often used as a last effort by your lender to avoid foreclosure. Foreclosure is very expensive and if you have avoided a short sale and there are no other liens on your property, your lender will present you with this option.||Yes, unless otherwise specified in your agreement with your lender.|
LAS VEGAS SHORT SALE INFORMATION
What is a short sale?
If you can no longer afford to make your mortgage payments and your house is worth less than you owe, a short sale allows you to sell your house at the current fair market value. You then have an option to move to a more affordable situation. In a short sale, the investor or owner of your loan must approve the sale because they are entitled to repayment of the loan and will be receiving less than the amount owed. If you have additional liens on your property with other lenders, such as a home equity loan, all investors must come to an agreement in order to complete the short sale.
What types of short sale programs are out there?
The majority of short sale programs fit into two general categories – HAFA Short Sale and a Traditional Short Sale.
- The HAFA (Home Affordable Foreclosure Alternatives) has two processing options. The first processing option is the “pre-offer program.” Your Las Vegas short sale agent initiates the short sale and your lender sets the sale price of your property. Your short sale agent then has 120 days to obtain an offer. The second way to process a HAFA short sale is to market the property first, obtain the offer first and then initiate the short sale. The second processing method eliminates the 120 time constraint as well as any corporate bureaucracy that may occur by allowing your lender to set the sales price.
- In a traditional short sale, your Las Vegas short sale agent markets your property first, obtains an offer first and then, once an offer is received, your lender is contacted and the short sale process is initiated.
How long does a short sale usually take?
Because of the number of people and amount of paperwork involved in a short sale, it can take
longer than a traditional home sale. A short sale typically takes between 3 to 4 months (from the time an offer is submitted to your lender) to complete.
Will I get any money back from the short sale of my home?
Because a short sale would allow you to sell your home for less than the amount that you owe
on your home loan, you would not receive any money back at the time of closing, unless it is a relocation incentive approved by your lender.
What is a deficiency?
A deficiency is any additional amount owed on the loan that is not covered by funds from the
short sale or deed in lieu. Whether or not you will be responsible for paying a deficiency is
determined based on factors such as what state you live in and short sale program guidelines.
If you are responsible for the deficiency, the amount of the deficiency will be reported to the
Internal Revenue Service (IRS) on the appropriate 1099 Form or Forms. We suggest that you
contact the IRS or a tax expert to determine if you have any tax liability.
Will the foreclosure process stop while I pursue a short sale?
Depending on the program you are eligible for and the investor of your loan, the foreclosure
process may be halted as you pursue a short sale. You should confirm whether you are eligible
for a foreclosure stop when you contact us to discuss your options.
How will a short sale affect my credit?
The are required to report the debt to the credit reporting agencies as “paid in full for less than the full balance” or “deed received in lieu of foreclosure on a defaulted mortgage” depending on the program you complete. To learn more about the potential impact of a short sale, please contact your credit reporting agency.
Will I be eligible for relocation assistance?
Relocation assistance may be available to you. If you are eligible, your relocation assistance will be paid upon the successful completion of the short sale.
Do I need a Las Vegas real estate agent to complete a short sale?
Yes. You will need a licensed real estate professional that has experience working with short sales to effectively market your property for a short sale.
“Together, we can do great things.”
Keller Williams Realty, Marketplace One
3455 Cliff Shadows Parkway
Las Vegas, NV 89129
THE MICHAELS METHOD Advocate and REALTOR(R)
- Absolute Advocacy: A Las Vegas short sale agent should be your advocate, your negotiator who defends and protects only your interests from the very beginning. In the state of Nevada, it is legal for one agent to represent both the buyer and the seller. Even though it is legal, we all know that what is in the best interest of a seller is not always what is in the best interest of the buyer (or the bank) therefore we do not engage in the practice of representing more than one side. Our clients can be assured that we are championing their cause and their cause only. Not only for your immediate need but also for laying the best possible foundation for your future needs.
- Work towards Selling the property for the Highest Price and the Best Terms: Every Las Vegas home owner, Las Vegas apartment complex owner, and Las Vegas land owner wants to sell their property for the highest price possible and on the best terms. No matter what the market looks like, we create a written, relevant plan that fits. Working together with our clients, we implement a dual track strategy that includes making the property as appealing as possible and marketing the property to as many qualified buyers as possible. Once presented with the Michaels Method, most clients immediately sense no stone will be left unturned.